Tapestry (NYSE:TPR) Price Target Raised to $70.00

Tapestry (NYSE:TPR) had its price target raised by Guggenheim from $60.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the luxury accessories retailer’s stock.

Several other research firms also recently commented on TPR. Robert W. Baird increased their price objective on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday. Raymond James reissued an “outperform” rating and set a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Evercore ISI increased their price objective on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.82.

Tapestry Trading Down 1.2 %

Shares of Tapestry stock opened at $56.55 on Friday. The company has a market capitalization of $13.18 billion, a P/E ratio of 16.34, a P/E/G ratio of 1.99 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company has a fifty day moving average of $46.85 and a 200 day moving average of $43.12. Tapestry has a fifty-two week low of $30.19 and a fifty-two week high of $58.49.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.18% of the stock is owned by insiders.

Institutional Trading of Tapestry

Several institutional investors have recently added to or reduced their stakes in the company. Waldron Private Wealth LLC bought a new stake in shares of Tapestry during the third quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after acquiring an additional 328 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Tapestry during the third quarter valued at approximately $47,000. Blue Trust Inc. raised its stake in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after acquiring an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc raised its stake in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.